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The Greek debt crisis, epicenter of the Eurozone debt crisis, has in recent months receded from the global headlines. This may have given a false impression that the Greek economic crisis has been solved. However, official statistics just released by Athens demonstrate that Greece remains struck in a fiscal and economic catastrophe that is clearly a depression by any known measurement.

In November, the Greek jobless rate reached a record high level of 28 percent, an increase from the unemployment figures from the previous month, which stood at 27.7 percent. Most alarming, youth unemployment in Greece, defined as those seeking jobs under the age of 25, now stands at a staggering and almost incomprehensible 61.4 percent.

To understand how disastrous the unemployment rate is in Greece, just compare the current level of 28 percent with the jobless rate prior to the onset of the nation’s debt crisis in May of 2010, which stood below 12 percent. Official talk from the government in Athens is that thanks to the skill and brilliance of Greek politicians, the country’s economic woes are on the mend. Reality says something very different.

If Hillary Clinton runs for President of the United States in 2016, see the video about the book that warned back in 2008 what a second Clinton presidency would mean for the USA:

The recent Greek election, to no one’s surprise, severely punished the pro-austerity establishment parties, and greatly strengthened the anti-establishment political parties advocating the ripping up of the European bailout and austerity package. Currently, Greece is without a government.

As Greece slides into political disarray, its economy continues in meltdown mode. With the Greek economiccontraction accelerating, debts accumulating despite the bailout, and the unstable political situation prevailing, it is no shock that the most recent numbers show that Greece has an official unemployment rate of 22 percent. Without a doubt, Greece is in a sustained economic depression, with no clear light visible at the end of the tunnel.

I was not alone in being skeptical as the first European/IMF bailout package was cobbled together last year when the Greek sovereign debt crisis first exploded. At that time, the European politicians assured their constituents that the 110 billion euro bailout for Greece would absolutely stabilize the situation for Athens, and prevent a sovereign debt contagion metastasizing throughout the rest of Europe, especially to the so-called PIIGS nations on the southern peripheryof Europe (Italy, Spain Portugal as well as Greece) and Ireland. Now, after Portugal and Ireland have joined Greece in begging for a bailout from European taxpayers and the IMF, Greece is back with its cup in hand.

After a year of crippling austerity measures that have thrown the Greek economy into recession, Prime Minister Papandreou has told the Greek parliament that even more severe stringent cutbacks and tax increases are required. The reason; last year’s bailout was insufficient to enable Greece to continue to pay creditors for her massive (and until the crisis surfaced, largely hidden) public debt. The news from Papandreou is dire; another massive injection of European and IMF loans are needed, equaling the already staggering previous bailout package of 110 billion euros (approximately $150 billion in U.S. currency), or else Athens will default on its sovereign debt. It must be pointed out that the second bailoutpackage, as with the first, will necessitate other European nations themselves going further into debt to provide Greece with the bailout, including countries such as Spain and Italy which are considered only slightly less vulnerable to a sovereign debt implosion thanGreece, Ireland and Portugal.

Anyone who though that the global economic and financial crisis that began in 2008 ended due to the “brilliant” expansion of public debt engineered by the policymakers is now getting their wakeup call. As I predicted in my book, “Global Economic Forecast 2010-2015:Recession Into Depression,” a global sovereign debt crisis will precipitate a worsening of the global economic crisis. Furthermore, solving a debt crisis with more debt, tied to fiscal policies that retard economic growth, is not a solution but rather an exhibition of economic and financial insanity.

With policymaking of this “quality,” it bewilders the human intellectthat anyone still thinks an economic recovery is just around the corner. There is in fact something just ahead for the global economy, but it won’t be pretty.